- Prior was -0.8%
- Producer prices -0.9% y/y vs +0.2% prior
- Raw materials price index -3.1% vs -3.1% prior
- Raw materials price index -8.8% y/y
For months I've highlighted the drag from commodity prices and now we have Canadian CPI running at 1.5% y/y. That will continue for a couple more months with WTI running at $71 but at some point the commodity drag on inflation becomes a boost. That's why core inflation is so key right now.
